Sumitomo Mitsui Trust Group Inc. Sells 1,087,623 Shares of DiamondRock Hospitality Company $DRH

Key Points

• Sumitomo Mitsui Trust Group Inc. sharply reduced its DiamondRock Hospitality stake in Q1, selling 1,087,623 shares and cutting its holdings by 83.2% to 220,092 shares worth about $2.06 million.
• DiamondRock Hospitality shares were up 1.7% to $12.31, near their 52-week high of $12.54. The stock has a market cap of $2.52 billion and a dividend yield of 2.9%.
• Analysts are mixed on DRH, with three Buy ratings and seven Hold ratings; the consensus price target is $11.65, while recent targets from firms such as Wells Fargo and Truist were raised to $12.00.

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of DiamondRock Hospitality Company (NYSE:DRH - Free Report) by 83.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 220,092 shares of the real estate investment trust's stock after selling 1,087,623 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.11% of DiamondRock Hospitality worth $2,062,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Allworth Financial LP lifted its position in shares of DiamondRock Hospitality by 146.0% during the 4th quarter. Allworth Financial LP now owns 2,859 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 1,697 shares during the last quarter. First Horizon Corp grew its holdings in DiamondRock Hospitality by 54.9% in the 4th quarter. First Horizon Corp now owns 3,214 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 1,139 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in DiamondRock Hospitality by 77.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 3,436 shares of the real estate investment trust's stock valued at $31,000 after buying an additional 1,498 shares during the last quarter. Danske Bank A S bought a new position in DiamondRock Hospitality in the 3rd quarter worth approximately $33,000. Finally, Global Retirement Partners LLC increased its position in DiamondRock Hospitality by 12,114.7% in the 4th quarter. Global Retirement Partners LLC now owns 4,153 shares of the real estate investment trust's stock worth $37,000 after buying an additional 4,119 shares during the period.

DiamondRock Hospitality Trading Up 1.7%

Shares of DRH stock opened at $12.31 on Thursday. The firm has a fifty day moving average of $11.51 and a 200-day moving average of $10.31. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 49.24, a P/E/G ratio of 4.50 and a beta of 0.98. DiamondRock Hospitality Company has a 52-week low of $7.45 and a 52-week high of $12.54. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.64 and a current ratio of 1.64.

DiamondRock Hospitality Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. DiamondRock Hospitality's payout ratio is presently 76.60%.

Insider Activity at DiamondRock Hospitality

In other news, Director Kathleen Merrill sold 20,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $11.88, for a total value of $237,600.00. Following the completion of the transaction, the director directly owned 84,335 shares of the company's stock, valued at approximately $1,001,899.80. This represents a 19.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael A. Hartmeier sold 20,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $10.46, for a total value of $209,200.00. Following the transaction, the director owned 95,354 shares of the company's stock, valued at $997,402.84. This trade represents a 17.34% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.90% of the company's stock.

Analysts Set New Price Targets

DRH has been the subject of several research reports. Wells Fargo & Company increased their price objective on DiamondRock Hospitality from $11.00 to $12.00 and gave the company an "equal weight" rating in a research report on Monday, June 1st. Morgan Stanley increased their price target on shares of DiamondRock Hospitality from $9.50 to $9.60 and gave the company an "equal weight" rating in a report on Tuesday, May 12th. Truist Financial raised their price target on shares of DiamondRock Hospitality from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, May 26th. LADENBURG THALM/SH SH boosted their price objective on shares of DiamondRock Hospitality from $13.00 to $14.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. Finally, Stifel Nicolaus set a $12.25 price objective on shares of DiamondRock Hospitality in a research report on Thursday, June 4th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, DiamondRock Hospitality has a consensus rating of "Hold" and an average price target of $11.65.

DiamondRock Hospitality Company Profile

DiamondRock Hospitality Company is a real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of upscale, full-service hotels in urban gateway markets across the United States. Established in 2004 and headquartered in Bethesda, Maryland, the company focuses on investing in high-quality lodging properties that cater to both business and leisure travelers. Its assets are positioned in key metropolitan areas, enabling DiamondRock to benefit from strong demand drivers such as corporate travel, group conventions and resort leisure stays.

The company's portfolio includes full-service hotels offering a broad range of amenities, including guest rooms, on-site food and beverage outlets, meeting and event space, fitness centers and spa services.

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